Surveys show Chinese manufacturing weak in July

Two surveys show Chinese manufacturing activity in July was weak but better than some forecasters expected.

A business magazine, Caixin, said Monday its purchasing managers index rose to 50.6 from June's 48.6 on a 100-point scale on which numbers above 50 show activity expanding. The China Federation of Logistics and Purchasing, an industry group, said its separate PMI edged down to 49.9 from June's 50.

China's economic growth held steady at 6.7 percent in the quarter ending in June but indicators lately have been mixed. Trade is weak but retail spending is growing and bank lending is relatively strong.

Analysts noted Chinese manufacturing was hampered by summer flooding along the Yangtze River and weak global demand.